Posted in Other 21 days ago.
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Type: Full Time
OVERVIEW To be part of our organization, every employee should understand and share in the YNHHS Vision, support our Mission, and live our Values. These values - integrity, patient-centered, respect, accountability, and compassion - must guide what we do, as individuals and professionals, every day.
Responsible for the administration of all qualified defined benefit, defined contribution and hybrid retirement plans sponsored by Yale New Haven Health System and affiliated organizations that have adopted the plans. Responsibilities include participation in all aspects of retirement income security program administration, including cash balance plans or defined benefit plans, 403(b) retirement savings plans and a matching 401(a) plans and non-qualified deferred compensation 457 plan. Performs pension calculations and generates reports and statements using pension administration software applications. Develops and presents educational programs to promote financial wellness, sound retirement planning and effective benefit utilization. Interprets pension plan documents and human resources policies and ensures plans are administered consistent with plan provisions and applicable sections of the Internal Revenue Code. Works collaboratively with actuaries, auditors, investment vendors and legal counsel to ensure regulatory compliance and accurate administration. Provides one-on-one counseling to employees and retirees on matters related to pension, retirement savings plans, Social Security and post-retirement health and welfare benefits.
* 1. Participates in all administrative aspects of the Yale New Haven Health System retirement security program, including the Cash Account Pension Plan (cash balance plan), defined benefit plans, 403(b) employee tax-sheltered annuity (TSA) plan, 401(a) employer matching plans and non-qualified deferred compensation 457 plans.
* 2. Utilizes and maintains a pension administration system to calculate benefits, performing regular audits of the database to ensure accuracy and integrity of information. Generates reports, participates in system upgrades and data refinements as required. Works collaboratively with actuaries, information technology consultants and payroll staff in addressing system maintenance requirements.
* 3. Produces Pension calculations and communications for retiring employees and vested terminations for review and approval by the Yale New Haven Health System pension committees, and processes pension distribution or rollovers. In addition, produces monthly over age 65 pension suspension letters for active employees.
* 4. Responds to telephonic, electronic and in-person retirement benefits-related inquiries from employees and retirees. Researches, analyzes, resolves and communicates a variety of issues and concerns identified through such inquiries via phone, in-person or written correspondence.
* 5. Counsels employees seeking assistance in initiating pension and post-retirement medical and life insurance benefits. Assist employees by providing information and direction regarding Social Security and Medicare benefits.
* 6. Processes 403(b) plan hardship withdrawals and Qualified Domestic Relations Orders (QDROs).
* 7. Identifies diverse employee educational needs and develops appropriate communication and training media, including group meetings, Bulletin articles, brochures, summary plan descriptions, individual benefit statement, annual financial fair and financial wellness seminars. Designs, coordinates presenters and facilitates retirement planning workshops throughout the year.
* 8. Develops data needed to perform annual non-discrimination testing and completes annual Form 5500 and PBGC filings. Ensures IRS contribution limits are applied annually, and works with Information Technology Services and Payroll to effect year-end activities and updates.
Bachelor's Degree in Business Administration, Human Resources Administration or related field or related experience and/or training.
Two (2) to three (3) years experience in the administration of both defined benefit and defined contribution retirement plans.
Excellent oral and written communication and interpersonal skills; Proficiency in Microsoft Excel and Word, and pension administration computer skills; Ability to understand and interpret benefit plan documents and applicable IRS code and ERISA requirements. Excellent customer service skills. Good mathematical and analytical skills, with attention to detail. Ability to function well in a team environment. Excellent organizational, multi-tasking and time-management skills.